great aids that have already blown up we report before they blow up poljice and famously went to reykjavik a few years after we went there and warns of the icelandic people that that country would blow up i want to show another flashback here max we're going to flashback whoa oh oh. oh oh oh oh oh oh oh oh oh oh oh oh oh oh oh oh oh oh oh oh this is max kaiser from two thousand and seven well i think people are starting to realize that the gangs are exposed to understood billions and trillions of dollars worth of bad paper and it's a little bit more than just a liquidity crisis the banks themselves are lending to each other the over nine rate interbank rate is quite right there is a freezing up a seizure in the credit markets these. says through being forced to be mark to market as opposed to mark to model what the phone as i said on your show last night is about holding one hundred cents on the dollar they're holding zero cents on the dollar so this is a catastrophe this is a controlled demolition of the banking system this is a banking system is nine eleven if you will this is a controll